Pensions group sale could bring ?40m windfall

Hornbuckle
Mitchell, which has a strong reputation in the self-invested personal
pensions (SIPPs) market, is reportedly in discussion with Ernst & Young
about a possible sale of the company which could bring its owners a ?40m
windfall windfall.

Hornbuckle executives most likely to benefit from any deal include David
White, the managing director, who owns about 10% of the company’s share capital
and fellow director Bruce Marsh, according to The Independent.

The group’s latest results show the company recorded pre-tax profits for the
year ended 2007 of £1.1m – down marginally on the same period last year.
Turnover during 2007 was £8.8m, up from £7.2m in 2006.

A Hornbuckle spokesperson declined to comment on whether the company was for
sale.